Canadian home sales tumble to 7-year low in April, prices down 11 per cent

The number of homes sold in Canada dropped by 14 per cent in April compared to the same period in 2017, touching a seven-year low for the month, the Canadian Real Estate Association said on Tuesday. The national average sale price tumbled by 11.3 per cent year-over-year to just over $495,000.

Sales were down in 60 per cent of all markets, led by the Fraser Valley, Calgary, Ottawa and Montreal.

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On a monthly basis, home sales were down 2.9 per cent from March to April. However, the number of newly-listed homes also dropped by 4.8 per cent between March and April. Their decline puts the number of newly-listed homes 12 per cent below the 10-year monthly average, reaching a nine-year low for the month.